We paid in Bitcoin (an update) : Bitcoin

We paid in Bitcoin (an update) : Bitcoin

 

About a week ago I made a post about my small business starting to pay net wages in Bitcoin to those who wanted it. Well, today was payday, so here’s how it went:

  • The week before, we gave a small crash course on Bitcoin, how to use it if they so choose, and recommended a few wallets to get started with.

  • Of the people that opted in, it was a 50/50 split.

    • Some folks took 5% of their net wage in Bitcoin, and the others were between 10-20%, and there was only one person who took it in 100% Bitcoin.

  • We issued the payment both on-chain and then using the Lightning Network.

  • For the people accepting 5% to 20% of their net wage, they’ve had no exposure to Bitcoin at all, and so this was their first on-boarding experience without having to go through an exchange.

  • It was a fun time, and people were very intrigued at receiving their first Bitcoin.

Now, about the volatility that happened over the weekend…

We had a few strategies that we implemented this year:

  1. Earn bitcoin

  2. DCA weekly

  3. Taking any profits to buy additional bitcoin.

When the crash happened, the impact wasn’t too drastic as we’d been DCA’ing and earning Bitcoin since the early summer. That’s the power of DCA’ing into Bitcoin.

I like the idea of doing this, but at the same time, I’m also wondering if there’s another solution.

Been looking into BitWage and Deel. We could also recommend Strike. I’m wondering if there are any other services that allow you to exchange fiat for bitcoin that has a shorter clearing time.

Anyways, that’s the update. We’re going to be doing this again next pay cycle and we’ll see if this does any better.

Here’s another bit of an update:

We’ve been working with our city’s economic development board and the local chamber of commerce with regards to Bitcoin. They’ve stated that they want to ingrain Bitcoin into the city’s ecosystem. As a test, we sent them some Bitcoin over the Lightning Network and they were really blown away.

I’m no politician or economist, just a small business owner trying to find a solution.

As far as retail, on-site, merchant services, what seems to be the EASIEST tool/platform/app for someone who has ZERO familiarity with Bitcoin?



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